The patient monitoring and diagnostic equipment market will continue to grow in the coming years, according to an iData Research report.
Here's what you need to know:
1. The market will grow due to increasing rates of chronic illness in the United States, such as heart disease, obesity and high blood pressure.
2. Healthcare facilities are shifting toward disposable equipment to reduce infection risk. For home patient monitoring devices, ease of use and affordability are primary concerns.
3. Medtronic and Philips Healthcare lead the patient monitoring device market; other key market players include Masimo, GE Healthcare and Boston Scientific.
4. Medtronic, which dominates the market, leads the largest market segment — pulse oximetry monitoring.
5. Philips Healthcare, which is the second leading competitor in the market, dominates the multi-parameter vital sign monitoring, wireless telemetry and fetal/neonatal monitoring markets.